Homeowners insurance policies: what do they cover?

Most of the available homeowners insurance policies in Florida provide four main types of coverage. The coverage provided by your insurance company depends on your house’s structure, coverage for your property, liability protection and additional living expenses that may result from your inability to live in your house due to the disaster.

Typically, homeowners policies pays for any repairs if your home is destroyed by a hail storm, fire, lightning or any other disaster that is stipulated in your policy. However, damages caused by hurricanes, floods, earthquakes, and normal wear and tear are not covered. This highlights the significance of purchasing a homeowners insurance coverage that equals the cost of rebuilding your house.

Your household items are covered in case they get destroyed by an insured disaster. This coverage makes up 50% to 70% of your home’s coverage. To determine whether there is enough coverage, you need to carry out a home inventory. Personal belongings coverage similarly includes items that are stored off-premises. It also covers expensive items such as collectibles and jewelry. Nonetheless, there are dollar limits that cap the amount of compensation that you qualify for.

Liability protection in your homeowners insurance is meant to protect you against lawsuits for property damage or bodily injury that the disaster might cause to your neighbors. Liability protection coverage pays your legal costs in case you are sued.

ALE covers additional living expenses that you might incur while living away from your house while it is under repair following a disaster. This includes hotel and other utility bills that exceed your normal living expenses. ALE also has limits and in some cases, time limitations. Nonetheless, the level of coverage can be increased if you opt to purchase an additional premium.

If you feel your insurance company is unfairly delaying or denying your claim, you may want to speak with an attorney.